Despite a $46 million unrealized loss, a large crypto whale has continued to accumulate Bitcoin, indicating confidence in the asset’s long-term potential. According to a post by Lookonchain, the whale, identified as “1L7g…xeTs,” added 750 Bitcoins (worth $46.8 million) from Binance on their first recorded transaction in over six months. This brings their total holdings to 10,908 BTC, currently valued at $681 million.
Lookonchain’s data reveals that this whale had previously purchased 10,158 BTC at an average price of $67,026—leading to their current loss, as Bitcoin remains below $63,000. Despite the price drop, the whale’s strategy seems to mirror a broader trend among high-value holders.
Is reported a sharp rise in whale activity, with addresses holding more than $1 million worth of Bitcoin increasing by 2,000 between Sept. 29 and Oct. 2. Supporting this trend, data from IntoTheBlock shows a total of $109.96 billion in whale transactions in the past seven days, with a noticeable spike starting on Oct. 5 as bullish momentum spread through the crypto market.
In addition to the whale purchases, Bitcoin saw a net outflow of 2,620 BTC from centralized exchanges on Oct. 8, signaling that other investors are also accumulating rather than selling. This withdrawal indicates confidence in Bitcoin’s long-term growth, as investors are more likely to hold their assets in personal wallets when they anticipate future price increases.
Despite a slight 0.3% dip in the last 24 hours, Bitcoin’s market cap remains strong, hovering above $1.2 trillion, with a trading price of $62,400 and daily trading volumes reaching $27 billion.
The continued accumulation of Bitcoin by whales, even amidst short-term losses, suggests a long-term bullish outlook for the cryptocurrency. As the broader market stabilizes and whale activity picks up, investors appear to be positioning themselves for future gains, underscoring Bitcoin’s role as a long-term asset.
